For an individual or HUF, if the monthly rent is ₹50,000 or more, then the renter will have to deduct 5 per cent of the total monthly rent under Section 194 IB
It asked for a direction to the Central government to invoke its powers under Section 11 of the Central GST Act 2017 to lift imposition of GST on medical grade oxygen, oxygen concentrators, ventilators, Bipap machines, control measures and supportive care for Covid-19 patients in view of demand for these drugs and medical equipment having increased exponentially.
For an individual or HUF, if the monthly rent is ₹50,000 or more, then the renter will have to deduct 5 per cent of the total monthly rent under Section 194 IB
The Finance Act, 2020 has inserted a new Section 115BAD in Income-tax Act to provide an option to the co-operative societies to get taxed at the rate of 22% plus 10% surcharge and 4% cess
In case the property was let out the rent received on the shop is also required to be included in your income for all those years
CBDT said the extension has been given in view of the fresh surge in Covid-19 across the country, affecting the lives of people and following requests received from taxpayers, tax consultants and other stakeholders
Interest which is exempt from tax under the Income tax Act,1961 such as interest on Public Provident Fund (PPF) account, need not be reported
Now Banks To Report Interest/Dividend Income To Tax Department
The tax on earnings through investment in bonds, mutual funds and debentures are treated in a different manner than the cash market, additionally, there is a separate tax treatment for trades in derivatives, currency, and commodities markets.
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